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This article reviews contemporary academic debates about feminist organising in and against neoliberalism, which we see as structured by a co-optation–resistance dichotomy. We outline three narratives: a high-profile ‘strong’ co-optation thesis; a more nuanced co-optation discourse; and an emergent counter-narrative of resistance. While sympathetic to the latter two, we critically unpack the account of neoliberalism, of feminist protagonists and of where feminist activism takes place in all three. We sketch out ways in which neoliberalism and the ‘who’ and ‘where’ of feminism might be considered differently, and argue overall for the need to move beyond the co-optation–resistance dichotomy.